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September 29, 2008

Monday September 29, 2008

Today, I voted against H.R. 3997, the Financial Stabilization Package. After a long weekend of near around the clock work on this bill, and hearing from hundreds of constituents on this issue, I could not in good conscience support this legislation.

We should all agree that a failure of our credit markets would be a great catastrophe, and I agree that the government does have a role in ensuring that the financial markets function soundly. At the same time, we cannot allow the American taxpayers to become the insurance policy for financial decisions that did not turn out as planned.

I believe there were viable alternatives to H.R. 3997 that should have been explored. I was pushing for a plan that would use more free market principles, but it was not allowed to be added into the legislation. Because I believe so strongly in the principles of the free market and the God-given right of freedom, I opposed this bill. My fear is that today the government has forever changed the face of the American free market, one of the greatest strengths of our great country.